EQT and GIC acquire Springer from Cinven and Candover

The Fusion Team have completed over 70 digital and media transactions for its private, corporate and private equity clients. For more information contact pkelly@fusioncorp.co.uk or visit our website
FDN Database Reference:  F231109-268
Acquirer:  EQT and GIC
ACQ Web:  www.eqt.se & http://www.gic.com.sg/
Location:  Sweden and Singapore
Region:  Europe, Asia
Description:  “EQT is a group of private equity funds

GIC is a global investment management company established in 1981 to manage Singapore’s foreign reserves. ”
Category:  Private Equity, Investment
Contact 1:  Conni Jonsson, Managing Partner and CEO, EQT
Contact 2:  Paul de Rome, Senior Partner, EQT
Contact 3:  Dr Tony Tan Keng Yam, Deputy Chairman & Executive Director, GIC
Contact 4: Lim Siong Guan, Group President, GIC

Vendor:  Springer Science+Business Media
Vendor Web:  http://www.springer-sbm.com
Location:  Germany, Berlin
Region:  Europe
Description:  The Springer Group is the world’s second largest scientific, technical and medical (STM) publisher and a leader in the digitalization of scientific information.
Category: Media
Contact:  Derk Haank, Springer’s CEO

Aprox. Value:  Undisclosed. Bloomberg reports that the sale will generate cash proceeds of 11.4 million pounds ($18.6 million). EQT will own 82 percent of Springer and the Government of Singapore Investment Corp., manager of more than $100 billion of the city’s foreign reserves, will hold the rest
Details:  The Board of Directors of Springer Science+Business Media (Springer Group), composed of Springer executives and representatives of Cinven and Candover, have agreed to accept an offer from and have signed a sales agreement with a partnership of EQT, a private equity investor based in Sweden, and GIC, a Singapore-based co-investor, for all shares of the Springer Group. Furthermore, EQT and GIC have agreed to inject new equity into the Springer Group, to strengthen its balance sheet and decrease the overall cost of funding.  A refinancing agreement with a syndicate of banks will give the Springer Group medium-term stability by removing imminent potential refinancing issues.

The acquisition is subject to examination and approval by European, US and national competition authorities.  This process is expected to be finished by mid to late January or early February 2010.”
Link: Press Release

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